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Stocks "Down on Bad Jobs Report"? This Chart Shows You the Facts
The real reason for the decline is a shift in investor psychology
By Vadim Pokhlebkin
Mon, 09 Apr 2012 17:30:00 ET
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Stocks fell lower as this week began, and observers in unison blamed last Friday's weak U.S. jobs report: 

  • US Stock Futures Down After Jobs Data Disappointment
  • Stocks: An ugly start on jobs hangover
  • Emerging Stocks Fall to 2-Month Low on US Jobs, North Korea
Don't fall for this argument. All you need is one look at an S&P or DJIA chart over the past week to see what's really going on (courtesy Google Finance): 
 
 
You can plainly see that the stock market decline began well before the April 6 jobs report. It topped 4 days earlier, on April 2 (circled in red). By Friday April 6, the Dow had already lost 250+ points.
 
The real reason for the decline is a shift in investor psychology -- a shift we at EWI have been warning about for a while.
 
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Tags: Dow Jones Industrial Average (DJIA), Elliott wave, Elliott Wave trading, Nasdaq Composite, S&P 500, unemployment
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